Women learn about money best through real stories from real people, research done by chartered financial analyst Barbara Stewart shows.
Stewart did interviews with 50 accomplished women around the world, the results of which have been published in her report, Rich Thinking: A Global Study — a Guide to Building Financial Confidence in Girls and Women.
“The most important finding of Financial Lives was that over half of women said that their most valuable financial knowledge was principally acquired through informal instruction and real stories from other people and not from text books, newspapers, or financial institutions,” Stewart said. “Yet these sorts of stories are not what women are being offered when being formally educated about financial literacy. My own research tells me that those who are interested in making girls and women more financially literate, while well-intentioned, are not speaking their language.”
Stewart says her research found that women are more often taught financial concepts through tables, charts and discussions of compound interest, but that those are not as effective as anecdotes and true stories.
“The objective of my new white paper is to bridge that divide, by presenting the stories of accomplished women thematically, so that any reader can absorb the life lessons and sage advice that constitutes the financial wisdom of successful women globally,” Stewart said.
Stewart offers the following top 10 money-related lessons and practices that she says are common to successful women around the world:
— Determine the lifestyle you want: What type of house do you want to live in? Where do you want to live? How much do you need to earn to live there? What type of people do you want to work with? Figure out what you really want out of life because you become what you think about.
— Plan and be persistent: If you look back at how a person became successful, there was almost always a well-thought out plan that was followed with tenacity. Understand clearly that what we want costs money. Know what is important to you then set goals and make it happen.
— Get smart!: Cultivating our intelligence is one of the most important things we can do to ensure our happiness and financial success in life. Education builds our confidence to make decisions, to face life and to accept successes and failures. Once you get an education, no one can take it away from you.
— Start work young: There is evidence that starting work young can boost confidence. Whether your first job is pumping gas, bagging groceries or filing, the discipline of work trains the mind to focus. A first paycheque is a great motivator – you quickly learn the link between work and money.
— Get paid for what you do: The onus is on you to do the research and find out the value of your contribution to the marketplace. From there, ask for this amount and do not settle for less. Value your own work and efforts whether you are an engineer or an artist.
— Have faith in yourself and your dreams: Follow what truly resonates in you. What and whom do you admire? Align your personal and financial decisions with your values.
— Be independent: Being free to come and go as you please is made much easier by having your own money. Deal directly with money yourself. Buy what you want!
— Seize opportunities: A lifetime of preparation, study and hard work will likely feel wasted if not put to use. We must deliberately stay alert and be ready when opportunities present themselves.
— Respect money but do not let it define you: Too much focus on money is not a good thing. Make sure to read the news, travel, have some context for your place in the world. You don’t develop your identity through the process of amassing wealth.
— Know when to ask for help: Have the courage to acknowledge what you are good at and seek out the advice of experts when needed. Whether you need personal or financial advice, look for someone you admire and ask them for help.
Stewart’s research is all interview-based, and the report is presented as stories from successful women around the world. To read the full report go to: http://www.barbarastewart.ca.

We encourage all readers to share their views on our articles and blog posts. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, and please keep your comments relevant and respectful. If you encounter a comment that is abusive, click the “X” in the upper right corner of the comment box to report spam or abuse. We are using Facebook commenting. Visit our FAQ page for more information.